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EUR/USD rises further as NFP details disappoint

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD rose to fresh 2-week highs and tested resistance at the 200-day SMA as the dollar weakened across the board as investors entered into nonfarm payrolls details.

    The greenback initially strengthened after an upbeat NFP headline, with economy adding 242K new jobs in February (190K expected), but then fell sharply as investors assessed the details. The average hourly earnings posted their first decline since December 2014 and just the sixth in the past ten years, declining by -0.1%. Meanwhile, the average weekly hours worked also dropped substantially by 0.2 points to 34.4.

    EUR/USD bounced from a low of 1.0902 and rose more than 140 pips in a matter of minutes, reaching a high of 1.1042. The pair stalled just ahead of the 200-day SMA and retreated slightly to currently trade around 1.1030, recording a 0.68% gain on Friday.

    EUR/USD technical levels

    As for technical levels, immediate resistances are seen at 1.1045 (200-day SMA), 1.1083 (20-day SMA) and 1.1100 (psychological level). On the other hand, supports could be found at 1.0902 (Mar 4 low), 1.0853 (Mar 3 low) and 1.0814 (Feb 1 low).
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